Purpose of a Will
Here we briefly discuss the purpose of Will and same is given below
1) Disposition of property - A legal last will Document and testament serve the purpose of distribution of your personal property at the time of your death.
2) Guardianship for minor children - Naming a guardian for your minor children in the event of your death is an important purpose of a last Will and testament. Many people also use a Will to appoint a caretaker for their pets or domestic livestock.
3) The naming of Executor - Naming an estate executor or fiduciary representative is an important purpose of a Will. If you are killed in an accident or in any other wrongful death event, then your estate executor Will be the person to bring a wrongful death lawsuit on behalf of your heirs and family.
4) Health care directives - Last Will and testament do not become effective until you die and can not cause a transfer of rights in any property until your death. The purpose of a living Will is to issue directives regarding critical health care decisions
Will is a legal instrument through which a person is permitted to make decisions on the matter that how his/her estate will be distributed and managed after his death. In this blog, we will discuss the meaning, purpose and all other aspects of Will. Let's start the journey.
What is a Will?
Will is a legal document that coordinates the distribution of your assets after your death also helps to appoint guardians for minor children. Will Document can be treated as an expression of intending to appoint a person who will take care of his property after his death. As a legal document Will ensures that your money and the estate is inherited by the people you want to get the benefit. A Will being a testamentary document comes into effect after the death of the testator.
What are the contents of a Will?
A Will generally includes following things
1) Designation of an executor who carries out the provisions of the Will
2) Beneficiaries, those who are inheriting the assets.
3) Instructions for how and when the beneficiaries shall receive the assets
Who can make a Will?
i) Every person who is competent to contract can make a Will but he/she must be major, sound mind and willing to write a Will.
ii) Any person who is the sole owner of a self-acquired property can bequeath it by way of Will.
iii) A Will can be made by the deaf and dumb person if he/she gives consent through writing or gestures in sign language.
iv) A prisoner is also entitled to make a Will
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